The wretched refuse of our teeming shore

The following link is to a Bloomberg news article published on 5/11/12:

Facebook Co-Founder Saverin Gives Up U.S. Citizenship Before IPO

This is a very troubling story.  Here are some of the details:

Eduardo Saverin, the billionaire co- founder of Facebook Inc. (FB), renounced his U.S. citizenship before an initial public offering that values the social network at as much as $96 billion, a move that may reduce his tax bill.
Saverin, 30, joins a growing number of people giving up U.S. citizenship ahead of a possible increase in tax rates for top earners.
“Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time,” said Tom Goodman, a spokesman for Saverin, in an e-mailed statement.
Besides helping cut tax bills stemming from the Facebook IPO, the move may also help him avoid capital gains taxes on future investments since Singapore doesn’t have a capital gains tax.
Saverin won’t escape all U.S. taxes. Americans who give up their citizenship owe what is effectively an exit tax on the capital gains from their stock holdings, even if they don’t sell the shares, said Reuven S. Avi-Yonah, director of the international tax program at the University of Michigan’s law school. For tax purposes, the IRS treats the stock as if it has been sold.
Renouncing your citizenship well in advance of an IPO is “a very smart idea,” from a tax standpoint, Avi-Yonah said. “Once it’s public you can’t fool around with the value.”

It is demoralizing to contemplate how far we have strayed from the original intentions of our founders. This country was the beacon of liberty that attracted talented, creative, hardworking entrepreneurs from around the world. Today our most successful entrepreneurs are being advised that it is "a very smart idea" to renounce their citizenship prior to leading their company to an IPO.

The following poem is engraved on a bronze plaque, mounted inside the lower level of the pedestal of the Statue of Liberty:

The New Colossus

Not like the brazen giant of Greek fame,
With conquering limbs astride from land to land;
Here at our sea-washed, sunset gates shall stand
A mighty woman with a torch, whose flame
Is the imprisoned lightning, and her name
Mother of Exiles. From her beacon-hand
Glows world-wide welcome; her mild eyes command
The air-bridged harbor that twin cities frame.
"Keep, ancient lands, your storied pomp!" cries she
With silent lips. "Give me your tired, your poor,
Your huddled masses yearning to breathe free,
The wretched refuse of your teeming shore.
Send these, the homeless, tempest-tost to me,
I lift my lamp beside the golden door!"

Emma Lazarus, 1883

Today the poem and plaque needs to be updated.  I suggest we add the following lines:

"Get out, you who have reaped the rewards of this great land,
you are no longer welcome on these shores, as you have committed the sin of success."